From personal experience, Singapore's consumption upgrade was due to the pandemic, and the gradual downgrade in consumption is because of people being driven away. Several groups of people who treated money like play tokens have already been driven out. Starting from 2025, more luxury homes in Singapore will be purchased by traditional locals. But personally, I feel that Singapore is not on a decline right now; instead, it's deflating the bubble and returning to rationality. Excessive consumption is not beneficial for Singapore's development.